UK-based premium bike maker Triumph on Wednesday (March 29) said the company is growing at a fast pace in India and is fuelling growth in the luxury bike market.
The company, which entered India in 2013 with 10 models, now has 17 models across five categories in its portfolio in the country.
The high-end bike maker on Wednesday launched Bonneville Bobber in India, priced at Rs 9.09 lakh (ex-showroom Delhi).
"Motorcycle sales between FY14-FY17 witnessed a fall of 1 per cent while the market for luxury bikes grew at CAGR of 19 per cent. We outperformed the industry by growing at a CAGR of 58 per cent in the same period," Triumph Motorcycles India Managing Director Vimal Sumbly said.
He went on add that almost every third bike sold in the luxury category in India comes from Triumph's stable.
"We have a market share of 29 per cent for bikes with engine capacity of 500cc and are priced over Rs 5 lakhs," he said.
Asked about the sales expectations for the upcoming fiscal, he said, "We would like to maintain the growth momentum in the next fiscal as well. Triumph is the fastest growing luxury motorcycle brand in India."
The company has sold around 4,000 units in the country since 2013, Sumby said, adding that in the current fiscal, it has already sold around 1,200 units.
Triumph currently has a market share of 29 per cent in the over 500 cc bikes that are priced over Rs 5 lakh.
The 1,200 cc Bobber delivers a class defining riding dynamic further strengthening the company's repertoire in India, Sumbly added.
The company competes with the likes of Harley Davison, Ducati, Indian Motorcycle and a few others in the luxury bike market.
The company has 14 dealerships across the country with plans to open two more at Goa and Bhubaneswar in next 2-3 months.
BW Reporters
The author is Senior Correspondent with BW Businessworld
